BSE's India International Exchange (India INX) today received Sebi approval on the framework for listing of debt securities.

BSE’s India International Exchange (India INX) today received Sebi approval on the framework for listing of debt securities. With this, the bourse expects a significant increase in its daily trading volume, India INX said in a release, adding that it is clocking an average of $100 million of trading volume every day. “This marks a landmark in India’s effort to foray into international financial services. For the first time in India’s IFSC at GIFT City, Indian and foreign issuers can now issue masala bonds, eurobonds and foreign currency bonds from India INX,” India INX MD and CEO V Balasubramaniam said.

The exchange had approached the Securities and Exchange Board of India (Sebi) in October for the approval. According to the release, India INX will also be the first Indian exchange to offer clearing and settlement of debt securities through International Central Securities Depositories. “We are working towards offering a transparent and robust listing framework at par with other international listing venues,” Balasubramaniam said.

Earlier this year, the exchange had set up its clearing and settlement capabilities for international securities through Clearstream and is already in talks with Euroclear. International issuers too may prefer to list their foreign currency bonds with India INX in coming days, the statement added. “India INX is a wholly-owned subsidiary of the BSE which is a market leader in primary markets in India. So, our platform will provide an additional comfort of trust to the Indian issuers when they opt to raise funds internationally,” Balasubramaniam added.